No Beneficiary Left Behind: How Frank Campbell Protects Legacies, Businesses, and the People Behind Them

When it comes to protecting what we’ve built—our families, our businesses, and our legacies—few people think about life insurance until it’s too late. Yet behind every thriving enterprise and secure household lies a foundation of careful planning and foresight. In this illuminating interview, financial expert Frank Campbell, founder of Stratus Financial Partners, joins Stacey Chillemi to demystify one of the most misunderstood pillars of financial security: insurance. With over three decades of experience guiding business owners and families, Frank brings warmth, wisdom, and practical insight to a topic that too often gets ignored. His work isn’t about selling policies—it’s about making sure the promises we’ve made to those we love are actually kept when it matters most.

From his time in the Navy to his decades as a financial advisor, Frank has learned that preparation and awareness can prevent even the biggest “icebergs” in life from sinking our plans. In this conversation, he and Stacey explore the hidden risks that quietly undermine even the most well-intentioned business agreements, the importance of reviewing policies regularly, and how simple, informed steps can turn confusion into confidence. With humor, clarity, and relatable storytelling, Frank shows us that life insurance isn’t about fear—it’s about love, responsibility, and ensuring that no beneficiary is ever left behind.

Thank you so much for joining us, Frank! Our readers would love to get to know you a bit better. Can you tell us a bit about your backstory?
Absolutely, Stacey, and thank you for having me. My story really starts with not knowing where I was headed. I was young, restless, and unsure about my future, so I joined the Navy to gain some direction. I ended up serving three years on a submarine in the North Atlantic—an experience that taught me discipline, teamwork, and how precious life truly is. After leaving the service, I got married and quickly realized I wanted to be present for my family, not spending months underwater. I went back to college, studied political science, minored in economics, and that education became my bridge into the financial world. For over 30 years, I worked as a full-service financial advisor, helping families and business owners secure what they had built. When I retired, I made a “30 things I haven’t done in 30 years” list and started checking them off—it was great fun. But after a while, I realized those experiences were all about me. I still had valuable knowledge that could help others protect their futures, so I founded Stratus Financial Partners to focus on something too many overlook: understanding and properly managing life insurance.

What led you to focus so intentionally on life insurance and policy reviews after such a long advisory career?
Throughout my career, I noticed a recurring problem: people thought they were covered when they really weren’t. They’d buy a policy, file it away, and assume it would take care of everything. But modern insurance products are complex—costs change, guarantees shift, and small oversights can have major consequences. I saw families devastated when a policy lapsed or didn’t deliver the benefit they expected. Even highly successful business owners, who carefully managed every other detail of their finances, often neglected to review their insurance. That’s when it hit me—there are plenty of investment advisors, but very few professionals dedicated to translating the language of insurance into something people can actually understand. Stratus Financial Partners was created to fill that gap. My mission is to make sure that the promises people make to their loved ones and partners are promises that can actually be kept.

For business owners specifically, why is life insurance such an essential part of continuity and succession planning?
Let’s take a simple example. Imagine you and I are partners in a thriving business worth $10 million. You own half, I own half. We rely on each other’s expertise to keep things running. Then one day, I’m suddenly gone. Now you’re faced with two challenges—you’ve lost my contribution, and you owe my family $5 million for my share of the company. You could try to borrow that money, but taking on that kind of debt could cripple the business. The smarter solution is having properly structured life insurance in place. For a fraction of what a loan would cost, a policy provides immediate liquidity. You pay my family what’s owed, you own 100% of the company, and the business continues uninterrupted. I’ve seen this exact scenario play out—a client’s partner died in a plane accident, and because they had planned ahead, his family was secure, and the business stayed strong. That’s what thoughtful preparation looks like.

Many people avoid talking about life insurance altogether. From what you’ve seen, what are the biggest blind spots?
The biggest blind spot is emotional—people don’t want to think about mortality. The second is the complexity of the documents themselves. They’re long, full of technical terms, and easy to ignore. So people sign, trust the company, and never revisit the details. The problem is, silence doesn’t equal safety. Internal costs change, assumptions evolve, and beneficiaries often become outdated. My goal isn’t to scare people but to empower them—to simplify the details, explain what matters, and give them the clarity they need to make confident decisions. When people truly understand what they own, they start taking ownership of their protection.

You often say life insurance is not just a contract, it’s a “pile of money” for the people we love. Can you expand on that perspective?
When you see life insurance as a stack of paperwork, it’s easy to ignore. But in reality, that policy represents future cash that appears when people need it most—when your spouse is grieving, your children need stability, or your business is at risk. It’s not theoretical; it’s a lifeline. When you start viewing it as money for those moments, you handle it differently. You make sure it’s structured properly, guaranteed where necessary, and aligned with your true intentions. It’s not about fear—it’s about love and responsibility.

Why are conditional guarantees in many modern policies such a concern for policyholders?
Because most people don’t realize their policies aren’t truly guaranteed. Decades ago, it was simple: pay this premium, receive this benefit. Modern policies, especially universal or variable life, depend on market performance and internal cost assumptions. When those assumptions don’t hold, the policy quietly weakens. You might receive a notice saying your cost of insurance has been adjusted, but few people realize what that really means. That small change can shave years off a policy’s lifespan. I’ve seen policies expected to last to age 100 expire at 84 because no one was paying attention. It’s not deception—it’s a lack of clarity. But with regular reviews, these surprises can be avoided entirely.

You use a powerful Titanic analogy when explaining why reviews matter. Can you share that?
The Titanic didn’t sink because the ship wasn’t strong—it sank because warnings were missed. There were ice alerts the captain never saw and a navigation error that went uncorrected. If either had been addressed, the ship would’ve arrived safely in New York. Life insurance works the same way. You might think you’re on course, but if you’re not paying attention to the warning signs—changes in cost, outdated beneficiaries, or shifts in ownership—you can hit an iceberg without realizing it. A good review doesn’t mean panic; it means steering with awareness.

Where do buy-sell agreements and their funding structures typically fall apart in real practice?
Most problems occur when the structure doesn’t match the intent. On paper, a buy-sell agreement might look perfect. But if the policy ownership or funding hasn’t been updated, or if tax laws change, the plan can fail. For example, after the Connolly Supreme Court decision, certain business-owned life insurance policies could inadvertently increase the taxable value of an estate. Most owners don’t know this. Without periodic reviews, what was once a smart strategy can suddenly become a liability. The solution is simple—check your ownership structure and adjust as needed.

What should owners look for to ensure their funding actually works when it matters most?
They should start with clarity. Who owns the policy? Who’s the beneficiary? Are the guarantees solid or conditional? Is the carrier financially strong? And finally, is the policy still on track to last as long as it should? These aren’t complicated questions, but they require updated information. Policies evolve, companies merge, and assumptions change. Without reviewing them every few years, you’re flying blind.

You created the Stratus Policy Assessment to address these issues. What exactly does that process involve?
The Stratus Policy Assessment is a transparent, fee-based review designed to provide honest answers without a sales pitch. We go directly to the insurance carrier to retrieve the most current data about your policy. Then we analyze every aspect—funding, guarantees, ownership, tax implications, and carrier health. We translate all of it into plain language so you can understand exactly what you have. If your policy is strong, you get peace of mind. If there are issues, we identify them and offer solutions. The point isn’t to sell you something new—it’s to make sure what you already have works the way you think it does.

What are some of the most common red flags that signal an immediate need to fix something?
The most common one is outdated beneficiaries—ex-spouses, missing children, or old trusts still listed. That’s a simple mistake that can have devastating consequences. Another red flag is a policy running on outdated assumptions, where internal costs have increased but premiums haven’t. Weak or downgraded carriers are also a concern, as are policies that were sold to investment groups that now prioritize profit over policyholder service. Catching these early allows you to make small, simple fixes instead of facing large problems later.

What kinds of improvements have clients seen after going through your assessment—both financially and in terms of peace of mind?
The biggest improvement is clarity. People finally understand where they stand. Sometimes it means small adjustments—adding a little premium to extend the policy or restructuring ownership for tax efficiency. Other times, it’s simply confirming that everything is already working perfectly. Either way, clients walk away relieved, confident, and informed. They stop guessing and start knowing.

For those who feel overwhelmed even thinking about pulling out old policies, what’s the smallest, smartest first step they can take?
Start by finding all your policies and putting them in one place. That simple act turns avoidance into action. Then, work with someone qualified to review them. It’s like modern cars—you can’t fix them by yourself anymore because you need specialized tools and diagnostics. Life insurance is the same way. You don’t need to know every technical detail; you just need someone who can interpret the data and tell you the truth.

You wrote How to Do a Proper Policy Review: No Beneficiary Left Behind. What prompted you to write that book, and what can readers expect from it?
I wrote the book to give people a guide they could trust—something clear, practical, and free of jargon. My colleagues said I was giving away trade secrets, but to me, these aren’t secrets; they’re things every policyholder deserves to know. The book walks you through checking beneficiaries, guarantees, and carrier strength, and understanding how ownership affects outcomes. It’s short, simple, and meant to empower readers to take charge of their coverage. If it prevents even one family from facing a financial crisis, it’s done its job.

For owners and families ready to take action today, what key questions should they be asking themselves about their existing coverage?
They should ask: Are my beneficiaries current? Is my policy guaranteed or dependent on projections? Has my life changed, but my coverage stayed the same? Is my insurer financially stable? And if something happened tomorrow, would my policy do what I think it would? If any of those answers cause hesitation, it’s time for a review.

When is it absolutely critical not to delay a policy review?
Right after any major life event—marriage, divorce, having children, buying or selling a business, or taking on new partners. It’s also essential if your insurer has notified you of cost increases or changes, or if it’s been years since your last review. For business owners, it’s crucial if your buy-sell funding predates major tax changes. These are times when “later” can become “too late.”

At the core of your work, what is the main principle you want people to remember about life insurance and planning?
That life insurance isn’t about death—it’s about love, integrity, and responsibility. It’s the most practical way to keep your promises to the people who matter most. But for it to do that, the details must reflect your real intentions. You don’t need to be an expert—you just need to care enough to check in periodically and ask the right questions. When you do that, your coverage becomes what it was always meant to be: a lasting expression of love and protection.

How can our readers further follow your work online?
The best place to reach me is StratusFP.com. You can learn about the Stratus Policy Assessment and download a complimentary copy of my book, How to Do a Proper Policy Review: No Beneficiary Left Behind. It’s a simple guide to understanding your coverage and protecting what you’ve built. Stacey, thank you for inviting me—it’s been a pleasure.
Thank you, Frank. I really appreciate your time, your insights, and your passion for helping others. This conversation was eye-opening, and I know it’ll help countless people approach their planning with greater confidence and care.

🎧 Listen to this powerful podcast episode with Frank Campbell here: https://www.spreaker.com/episode/life-insurance-mistakes-that-cost-millions–68437460